Aspect Abundant Sells Gas Field

Aspect Abundant Shale LP has agreed to sell its interest in a North Texas natural gas field to Williams (NYSE: WMB), for approximately $166 million in cash. Aspect Abundant was formed two years ago as a joined venture between First Reserve and Aspect Energy LLC.

PRESS RELEASE

Williams (NYSE:WMB) today announced that it has agreed to purchase privately held Aspect Abundant Shale LP's and other parties' interests in north Texas' Barnett Shale for approximately $166 million cash. The parties expect the transaction to close in September.

The assets represent an estimated 175 billion cubic feet equivalent (Bcfe) of proved, probable and possible reserves on approximately 10,000 net acres — located primarily in Tarrant, Johnson and Hood counties.

At year-end 2007, Williams had an estimated 277 Bcfe of proved, probable and possible reserves in the Barnett Shale. Williams' acreage position in the play prior to this agreement was approximately 34,000 net acres.

Williams has four drilling rigs operating in the Barnett Shale. The company plans to add two rigs in north Texas to begin developing the new acreage.

“Williams originally entered the Barnett Shale in 2005. Over the past three years, we've focused on gaining efficiencies in the area by adding size and scale through a number of attractive bolt-on acquisitions like this,” said Ralph Hill, president of Williams' exploration & production business.

“As we saw with our recent purchase of significant reserves in the Highlands area of Colorado's Piceance Basin, we're successfully adding new resource potential to Williams' overall E&P portfolio,” Hill added.

The proposed acquisition also includes 41 existing producing wells with daily net production of approximately 9 million cubic feet equivalent (MMcfe). In the first quarter of 2008, Williams produced an average of 38 MMcfe per day on a net basis in the Barnett Shale.

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